The European Union (EU) has notified the government of Togo the release of financial aid under the 9th European Development Fund (EDF), an instrument of the Cotonou Accord, an official source affirmed at the weekend.
Félix Kodjo Sagbo, Togo's Ambassador to Belgium and to the EU, said the European Union took the decision after the Togolese Comprehensive Peace Accord was signed.After the Accord was concluded, he said, the European Union considers that Togo had achieved the 22 commitments it made for cooperation to resume with Brussels.
Apart from the credits under the 9th EDF, Sagbo also announced that the European Union had decided to release cumulated outstanding funds for Togo, including the resources under the 6th and 7th EDF, as well as funds of the Stabilisation System of the Agricultural Exports Revenues (STABEX), covering 1990-1994 and 1995-1999.
STABEX is a specific financial instrument that was implemented under the Lome Convention, which has become the Cotonou Accord since June 2000.
The decision of the European Union to release funds for Togo has encouraged the International Monetary Fund (IMF) to resume ties with Togo, with the signing of a reference programme with Lome to support the macro economic and sectoral reforms initiated by the Togolese government, Sagbo said.
Other beneficial effects include the decision of some countries, such as the Benelux countries (Belgium, Netherlands and Luxembourg), to resume cooperation with Togo.
In this respect, Ambassador Sagbo said a delegation of the Brussels Chamber of Commerce and Industry had made a business trip to his country.The EU also pledged to grant Togo financial assistance to support the legislative elections of June 2007.
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